There is nothing more frustrating than trying to integrate your finance needs with buying property so that the timing works for you, not the bank. Buying property can be stressful enough as it is.
We are serious about the marriage between finance and property and have in-house expertise to help with your borrowing requirements.
Which home loan is right for me?
With so many different loan products on the market, finding a home loan is not as simple as it used to be. There are a range of options available to you that may save you money, provide you with greater flexibility and peace of mind.
We use our expertise and experience in the home loan market to compare hundreds of loans in a matter of minutes. Our in-house finance consultants will then be able to provide you with a short list of loans that are both competitive and suitable – simplifying the loan selection process.
Investing in property has always been seen a safe and effective way to build wealth. The tangible evidence of your investment coupled with the rental income and possible tax concessions make it easy to see why an investment in property can be an attractive choice.
If you already own your own home, you will be familiar with the property purchasing process; it is not that difficult to take your next steps in purchasing a property for investment. Utilising the equity in your home to finance an investment (property, shares etc) is a great way of putting your property to work for you. This will often be a more cost-effective option than taking out a personal loan.
The old adage that if an investment opportunity sounds too good to be true, it usually is – holds true. Always be sure to research your investment decision thoroughly. Be sure to seek independent property and financial advice.
If you are turning to property investment for capital growth, tax benefits and as a retirement strategy, it is very important to learn as much as you can, especially if it is an area you’re not completely familiar with.
Our referred property finance agents will help you select the best loan for your new purchase, or to refinance an existing loan and lower your monthly repayments.
Frequently Asked Questions
How much can I borrow?
How much you can borrow, also known as your borrowing capacity, will depend on how much of a deposit you have, your current income and what expense commitments you have. It will also vary from lender to lender.
Am I eligible for the first home owners grant?
You are eligible if you are an Australian citizen or a permanent resident who is buying or building your first home in Australia and intend to occupy it as your principal place of residence within 12 months of settlement. Note that if you are purchasing the property in conjunction with others, they must also meet the same criteria for the grant to be available.
What will my repayments be?
It is one thing to work out how much you can borrow, but you need to know if you can afford the repayments. Speak to your in-house finance consultant to establish your borrowing capacity!
How much do I need to save for a deposit?
The amount you need as a deposit will depend on the type of home loan you require, the lender you select, and your current financial situation. Generally you will require a minimum of 10% of the property value.
How much do I need to set aside for stamp duty?
Stamp duty is a tax levied on the purchase of a property. It is calculated according to the purchase price of the property. You can calculate the expected stamp duty using the Victorian State Revenue Office calculator.
What other expenses will I need to pay besides mortgage & stamp duties?
As a rough guide, you should budget for between 5-7% of the purchase price, in addition to your deposit, to cover fees and charges. While mortgage and stamp duty will make up the bulk of this 5-7%, the balance may include:
- Building and pest reports
- Valuation fees
- Lenders mortgage insurance (LMI)
- Solicitors fees
- Utility connection fees – phone/gas/electricity
- Council and water rates
- Removalist costs
How do I choose which property is best for me?
When deciding on the area to live in, apart from considering proximity to family, friends and work commitments, you will obviously need to think about prices. Prices will vary greatly from suburb to suburb.